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Hong Kong's Ion Pacific raises $30m for PE secondary fund

Friday, November 30, 2018

Hong Kong-based merchant bank Ion Pacific has raised $30 million for a technology fund that will acquire secondary positions in venture and growth funds as well as take direct stakes in portfolio companies.

Investors come from Asia, Europe, and North America, and are said to include a large number of participants from Ion Pacific’s prior funds, as well as Ion Pacific shareholders. It is the firm’s fifth fund to date and its first dedicated blind pool vehicle. A sixth fund, which will also focus on secondary opportunities, is planned to begin fundraising in the coming months.

The new fund, known as Stonecutter, will focus on Asia and Israel and has already been 50% deployed. It was launched in February with a target of $30 million and had raised 62% of the corpus as of its first close in May. The strategy focuses significantly on helping Israeli companies access Asian markets and providing Chinese investors new options for global exposure. 

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